[Targeted] Santander $225-$350 Checking Bonuses

We usually don’t post targeted checking account bonuses like this because they aren’t really that useful to readers. For some reason these bonuses (well actually only the $225 bonus) seem to be making the rounds on forums/blogs but it isn’t been made clear that these bonuses are targeted. Now it could be a similar case to the Wells Fargo $250 bonus where people end up getting the bonus, but I doubt it.

The relevant language is as follows:

Offer is transferable until redeemed by addressee in corresponding mailer; and we reserve the right, in our sole discretion, to limit the number of times this promotion code may be used

Note that in the online application there is a section to enter the promotional code (and the 1234567890ABCD one listed on the application page is obviously a example and cannot be used). Keep in mind that there is a public $150 Santander checking bonus.

Offer at a glance

• Maximum bonus amount: $325
• Availability: Nationwide, but targeted
• Direct deposit required: $500/$2,000+
• Additional requirements: Keep account open for at least 90 days
• Hard/soft pull: Soft
• ChexSystems: Unknown
• Credit card funding: Up to $500
• Monthly fees: Up to $35, avoidable
• Early account termination fee: No bonus if closed within 90 days
• Expiration date: March 31st, 2017
• Household limit: Limit one

The Offer

Direct link to offers: $225 & $350

• $350 bonus:
  • Open an eligible Santander® Premier Plus Checking Account with a minimum deposit of $50 by March 31, 2017.
  • Have direct deposits totaling $2,000 or more post to the account within the first 90 days.
  • Keep your account open for at least 90 days.
  • Once you meet these conditions, your $350 bonus will be paid within 30 days.
• $225 bonus:
  • Open an eligible Simply Right^® Checking Account with a minimum deposit of $25 by March 31, 2017.
  • Have direct deposits totaling $500 or more post to the account within the first 90 days.
  • Keep your account open for at least 90 days.
  • Once you meet these conditions, your $225 bonus will be paid within 30 days.

The Fine Print

• See linked offers for full fine pint of each offer
• All bank account bonuses are treated as income/interest and as such you have to pay taxes on them

Avoiding Fees

Account required varies based on bonus:

• Basic – This account has a non-waivable $5 monthly fee. $3 for NY and NJ.
• Simply Right Checking:  $10 monthly fee is waived by making any transaction, including deposits, withdrawals, transfers or payments. Unclear if $750 monthly balance will keep the fee waived as well
• Premier – This account has a $30 monthly fee. Waived with $20k in combined balances.

You need to keep the account open for 90 days otherwise you will forfeit the bonus, other than that there is no early account termination fee.

Our Verdict

Obviously these bonuses are better than the standard $150 bonus (well the $350 bonus requires a $20,000 balance to avoid fees, but that is waived for the first two months so you’d really only need to pay it once and still end up with a $320 bonus), I just don’t want people applying unless they are targeted. As always you can view a full list of the bonuses we do recommend here.

Useful posts regarding bank bonuses:

• A Beginners Guide To Bank Account Bonuses
• PSA: Don’t Call The Bank
• Introduction To ChexSystems
• Banks & Credit Unions That Are ChexSystems Inquiry Sensitive
• What Banks & Credit Unions Do/Don’t Pull ChexSystems?
• How To Use Our Direct Deposit Page For Bank Bonuses Page
• Common Bank Bonus Misconceptions + Why You Should Give Them A Go
• How Many Bank Accounts Can I Safely Open Within A Year For Bank Bonus Purposes?
• Affiliate Links & Bank Bonuses – We Won’t Be Using Them
• Complete List Of Ways To Close Bank Accounts At Each Bank